Essay
Yvette is a 44-year-old self-employed contractor (no employees). During 2020, her Schedule C net income was $500,000. Assume Yvette has no contributions to other retirement plans. What is the maximum amount that Yvette can contribute to (1)a SEP IRA and (2)an individual 401(k)? (Round your answers to the nearest whole number.)
Correct Answer:
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SEP IRA = $57,000; Individual 401(k)= $5...View Answer
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